Recent export surges, particularly semiconductors reaching record levels in early October, have driven strong dollar sales by Korean firms, pushing USD/KRW to a two-year low near 1,333 amid broad dollar weakness and easing oil prices. The Bank of Korea's preemptive rate hikes to 3% in July and August, with inflation holding above its 2% target, have supported the won while the Fed's path and U.S. Treasury yields remain key external influences. Thin trading volumes and foreign futures activity have amplified moves, with the pair trading around 1,336-1,343 as of mid-October. Traders are watching the BOK's October 22 policy decision and ongoing export data for further signals on rate differentials and capital flows through year-end.